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Employer pays for the petrol. (3/7 x rental cost incurred by the employer) + ($0.10 km x private mileage) Employee pays for the petrol. 3/7 x rental cost incurred by the employer. You may use the Car Benefit Calculator (XLS, 84KB) to check the taxable value of car benefits.
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On 14 December 2018, the Inland Revenue Authority of Singapore (IRAS) announced a new formula for calculating taxable car benefits, effective from year of assessment (YA) 2020.1 This new formula is meant to better reflect the prevailing costs of car ownership and maintenance.
Following the revision, employees are no longer required to log their private mileage travelled arising from the private usage of the cars, except in the case where a driver is provided. The current formula (up to YA 2019) and the new formula effective from YA 2020 for computing car benefits are as follows:
20 maj 2023 · Simply start at the top (lowest cost per mile), and work your way down the table until you find a credit card you hold or wish to use. Excellent cost per mile. You can ‘buy’ miles paying your income tax by credit card from between 0.92 cents and 1.39 cents each this year, an excellent rate for most of us, using the following methods.
10 maj 2021 · Income tax season in 2021 is spoiling us, with the ability to buy miles from just 0.8 cents each. Our definitive guide will help you score the best deal this year. Updated: 16th September 2021.
Calculation of taxable car benefit. The IRAS has changed the prescribed formula for calculating the taxable car benefit in Singapore. The formula to be used is dependent on the type of car provided (i.e., employer-owned car, employer-leased car) and whether the employer bears the cost of petrol.
